Variable Rate Home Loans - BankWest - Mortgage Shredder

This loan is suitable for

Home Loan Loan Term
1 year to a maximum of 30 years.
Intro rates available for 1 year. Further 29 years on Mortgage Shredder. Option of further 29 years on Lite Plus (providing Home Loan Transfer form is completed at the end of intro period, if form is not completed then product will revert to Mortgage Shredder).

Home Loan Loan Size
$20,000 minimum
No maximum
Loans above $1mil to $1.5mil LVR 90% - must have multiple security
Loan Types Principal & Interest Equity Line component limited to $750K

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Home Loan Repayment Type
Principal & Interest
Interest Only during construction 1-5 years reverting to Principal & Interest
Interest Only is also available for Owner Occupied & Investment Loans for up to 5 years.

Repayment Options
Weekly, Fortnightly or Monthly.

Extra Repayments
Extra payments can be made at any time

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Split Loan Facility
Yes

Offset
100% offset optional with Mortgage Shredder Home Loan with a Mortgage Shredder Offset Account (fees apply) otherwise 0% to 40% Offset on Fixed Rate Home Loan and Standard Variable Home Loan.
Intro Variable: To Offset the Home Loan, a Mortgage Shredder Offset Account will be required.

Redraw Facility
Available.

Home Loan Access (over the counter) minimum $1,000.00 per transaction - $50 per time. .

LVR for Variable Rate Home Loans - BankWest - Mortgage Shredder

Owner Occupied: 95% LVR plus LMI cap (full loan amount must be on Mortgage Shredder to lend above 90%)
Investment 95% LVR
Refinance 90% LVR (Existing Bankwest customers may go higher - case by case)
Construction (O/O) 95% LVR
Vacant Land 95% LVR
Intro Products Max LVR 90%

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Fees for Variable Rate Home Loans - BankWest - Mortgage Shredder

Application Fee: $700 (Includes 1 free valuation).
Special Offer for a Limited Time: $0 Application Fee On The Mortgage Shredder Introductory Home Loan (Variable & Fixed)
Ongoing Fees: Nil (Complimentary BankWest membership)
Offset Account Monthly Fee: $15
Intro Fixed Monthly Fee: $12
Early Repayment Fees: $1500 fee may apply if 75 - 100% of the loan is repaid within 3 years. No Fee if switching to another BankWest product.
Discharge Mortgage Fee Doc Prep $300
Discharge Mortgage Settlement Attendance Fee $300
Progress payment fee is $80 per drawdown - valuations are required at the following stages Frame, Lock-up and Final Payment and cost $80 (e.g. Frame drawdown will cost total $160)
Valuation Fees:
If the valuation fee is above $200 or if the customers legal costs are above $300 the customer will be required to pay the additional costs.
For all states, the maximum fee that will be absorbed as part of the application fee for the first valuation is as follows:
- South Australia $200 + GST
- Victoria $200 + GST
- Canberra $200 + GST
- Northern Territory $210 + GST
- Note Valuation for properties >$1million contact lender for quote
Company / Trust Fee: $300
Rework fee: $100 to be charged when a customer initiates a change to the terms of their application after loan documents have been issued.
Express Courier Fee: $7.87 (payable for all non WA Based Housing Loan)
Legal Disbursement Fee: $60 applicable to East Coast only
Rate Lock Fee (Intro Fixed Product): 0.15% of loan amount or $450, whichever is higher.